Discounted Rate Mortgages
A Discounted Mortgage features interest rates set below the lender's Standard Variable Rates for a specific period of time. The DRM allows payments for this set period of time to vary in line with changes in the lender's SVR. After the set term expires at the discounted rate, interest typically reverts to the SVR rate. Early repayment charges are usually attached to Discounted Rate Mortgages.
